Outdoor Systems Plans Purchase
Of Billboard-Sized Importance

By

Rhonda L. Rundle Staff Reporter of The Wall Street Journal

Updated July 11, 1996 12:01 a.m. ET

Two days ago, Arte Moreno was just a speck on the landscape of outdoor advertising. His company, Outdoor Systems , with revenue last year of $64.8 million, raised a modest $31 million in an initial public offering in April.

Now he has vaulted to the top of the world of billboards, bus-shelter ads and subway signs. With a stunning $935 million in bank and high-yield debt financing, he emerged Tuesday night with an announcement of plans...